The Australian share market looks set for a positive start, after US markets closed higher on news the Federal Reserve’s chief suggested the US central bank may take necessary steps to aid the US economy.
US economic news
The Federal reserve has reported industrial production rose 0.4 per cent in June, coming in above expectations. The consumer price index remained unchanged in June at 0.3 per cent and coming in below expectations.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 78 points to close at 12,806, the S&P500 added 10 points to close at 1,364 and the Nasdaq was up 13 points to close at 2,910.
European markets closed mixed: London’s FTSE lost 33 points, Paris lost 3 points and Frankfurt added 12 points.
Asian markets closed up: Hong Kong’s Hang Seng added 334 points, Tokyo’s Nikkei added 31 and China’s Shanghai Composite added 13 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 36 points up to finish at 4,141. On the futures market the SPI is 8 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.032, 65.93 Pence Sterling, 81.59 Yen and 83.95 Euro cents.
Economic news
Due out today is the Westpac-Melbourne Institute leading indexes of economic activity.
Company news News Corporation
(ASX:NWS) Australian arm, News Limited, has won an appeal against the Australian Taxation Office (ATO) yesterday . The media company claimed it had incurred currency exchange losses totalling $2 billion, emerging from a corporate restructuring more than two decades ago. The Federal Court has ordered the ATO to re-evaluate News Corp's liability. Shares in News Corp closed 0.09 per cent lower yesterday at $21.56.
Australian coal miner New Hope Corporation
(ASX:NHC) says it will close down its New Oakleigh mine near Ipswich in Queensland early next year. Production at the mine has been declining and the company says it has now reached the end of its production life. Shares in New Hope closed 1.27 per cent up/ yesterday at $3.98.
Ex-dividends Mirrabooka Investments Limited
(ASX:MIR) with a 6.5 cent fully franked dividend.
Commodities
Gold is down $6.50 to $US1,583 an ounce for the August contract on Comex.
Silver is down $0.05 to $27.26 for September.
Copper is up $0.02 at $3.47 a pound.
Oil is up $0.79 at US$89.22 a barrel for August light crude in New York.
